Forex and Bitcoin news for Asia trading Monday 24 September 2018
- Hong Kong - the 1 month interbank rate has had its biggest jump since 2008
- Want to make 110K on gold? This guy reckons better technology helps
- Reports US plans 'a major, "administration-wide," broadside against China'
- ICYMI - China cancelled trade talks with the US
- Some weekend ponderings on the ECB … on the runway for rate lift-off
- More on Hong Kong and the HKD (higher again today - rate rise likely)
- ANZ on the Australian dollar - tactical squeeze due?
- The rise in the Hong Kong dollar on Friday (biggest jump in 15 years!) - why?
- Barclays like the AUD - trade of the week is long AUD/USD (target, stop)
- Goldman Sachs on further US China trade war escalation … 'likely'
- More on Canadian PM Trudeau weekend comments on Nafta
- Cancel your November holiday, there may be a snap UK election
- JP Morgan warns overconfidence could lead to a major White House miscalculation
- Weekend ECB comments - Nowotny says ECB should accelerate exit from crisis mode
- Weekend - China declines further trade talks with US
- Weekend oil - OPEC sees big growth in supply and demand over the next 5 years
- Canadian PM Trudeau comments on Nafta
- Trade ideas thread - Monday 24 September 2018
Weekend:
- Saudi Arabia: It's highly unlikely we will increase production next year
- Meanwhile, Labour head Corbyn weighs in on PM May's Brexit plan
- Comments from UK's Raab: Salzburg was a bump in the road.
- Weekend comments from ECB Nowotny: Makes sense to normalize policy quicker
- Goldman Sachs' top trades for 2018 have been an unmitigated disaster
Weekend news to impact markets centred on China cancelling planned trade talks with the US this week, cancelling a visit to the US by vice premier Liu He (also scheduled for this week) and calling in the US ambassador to China to protest over sanctions imposed on an official re military purchases.
A frosty start to the week for US / China relations weighed on risk, with AUD/JPY bearing the brunt in very early Asia trade. From late Friday levels above 82 it dropped under 81.40 before retracing. As I post its around 81.80-odd.
AUD/USD hit lows under 0.7250.
USD/JPY hit lows under 112.30 and has fully retraced.
NZD/USD fell alongside (NZD/JPY selling also) before it, too retraced.
Moves elsewhere were not so dramatic. It was a Monday holiday for markets in Japan, China, Taiwan and Korea. Japan's absence sapped some liquidity from forex, although Singapore and Hong Kong both traded today. Note that HK is on holiday Tuesday.
EUR, CHF, GBP all had relatively minor ranges. USD/CAD was 1.2915/30 or thereabouts ahead of another week of Nafta negotiations.
Still to come:
- FX option expiries for Monday 24 September 2018 at the 10am NY cut
- Look ahead at forex option expiries to mid week
Its FOMC week!
But wait, there's more ... its RBNZ week too!
